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Ottawa Housing Market Cools Down

The May market cools as the heat picks up

Members of the Ottawa Real Estate Board sold 1,804 residential properties in May through the Board's Multiple Listing Service® system, compared with 1,890 in May 2012, a decrease of 4.6 per cent. The five-year average for May sales is 1,802.

"The Ottawa market is still on par with average sales since 2009, and 233 more properties were sold than the month before," says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. "Residential units are faring well in comparison to condominiums, where the average sale price is down 2.3 per cent, and units sold are down 9.9 per cent. Residential bungalows and two-story homes comprised the majority of properties sold in May."

May's sales included 326 in the condominium property class, and 1,478 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $370,501, an increase of 2.1 per cent over May 2012. The average sale price for a condominium-class property was $262,467, a decrease of 2.3 per cent over May 2012. The average sale price of a residential-class property was $394,331, an increase of 2.3 per cent over May 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

"Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home," says Clarke. "Interest rates continue to be low, and there is a wide variety of inventory on hand. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live."

The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

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